03/08/2023
As expected, the Bank of Canada has announced that there will be no change to the overnight rate and prime will remain at 6.70%.
After a year of steady rate increases, the Bank of Canada felt that it was time to press pause on rate increases for the time being.
The current cycle of rate increases started in March of 2022.
The next Bank of Canada announcement is on April 12th, 2023 and we will keep you updated on any changes at that time.